Societies face continuing challenges in balancing the role of voluntary levels of ethical conduct against those of rules and enforcement. Undergraduate business programs around the world send hundreds of thousands of students into organizations and communities every year, each with his or her own perception of "what's ethical" and "what's legal" under a variety of circumstances. This article draws on various business situations and research results to illustrate how ethical concepts get connected to standards of practice or conduct during undergraduate (UG) business education. In addition, it offers ways for students to think about the balance between behavior guided by different levels of ethical reasoning versus behavior constrained by various regulations and enforcement mechanisms. (Contains 2 figures, 1 table and 12 resources.)